Skandinaviska Enskilda Banken made a technical forecast for USD/JPY for telling
the following: 'below 122.65/45 would target 121.60'. It means that SEB is predicting the price to be bounced from Fibo resistance level at 123.63 with 23.6% Fibo target at 121.86.
Anyway, there are the following scenarios for the price movement concerning the key support/resistance levels:
- If Fibo resistance level at 123.63 will be broken by the price from below to above so the bullish trend will be continuing up to 125.85 as the next bullish target in this case.
- If 118.05 key support level will be broken by the price from above to below so the secondary correction within the primary bullish trend will be started.
- If Fibo support level at 116.13 will be broken from above to below so the reversal breakdown may be started for this pair.
The Strategy. Watch the price to break 123.63 resistance level for possible buy trade with below 125.85 as the target.
